Rhode Island Woman Arrested For $10 Million House Rehab Ponzi Scheme That Duped Step-Brother, Former Nanny

A Rhode Island woman was arrested on allegations that she ran a Ponzi scheme that raised more than $10 million from investors who thought they would receive half of the purported profits from the renovation and rehabilitation of foreclosed homes. Monique N. Brady, 44, was arrested and charged with a single count of wire fraud, a count which carries a maximum twenty-year prison sentence. The criminal charges come nearly a year after multiple investors sued Brady for the return of their money, including one investor who claimed that Brady “approached him about a new business she was starting to help support her children, including one with special needs.”Brady formed MNB LLC (“MNB”) in October 2005. Brady told potential investors that MNB often contracted with private and government entities, including Freddie Mac, to perform large-scale rehabilitation projects on foreclosed houses throughout Rhode Island. Those investors were told that they could…

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